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Loss & Damage Fund will be key test for COP success on climate finance

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Loss & Damage Fund will be key test for COP success on climate finance

Finance is set to be at the heart of COP28, the UN climate summit starting on Thursday in Dubai, with economists saying that around $1 trillion per year is needed to support developing countries in their fight against climate change.

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Pakistan is a prime example of a country in dire need of help, given how poor it is and the impact climate change is already having on it, with the whole country almost completely flooded in 2022.

Although it emits less than 1% of the world’s greenhouse gas emissions, natural disasters are becoming ever more common and devastating.

During COP28, an agreement is expected to be reached on how much money will go to a new Loss and Damage Fund. It is intended to pay for the costly consequences of extreme weather events.

The World Bank is the provisional host of the fund and prefers to provide loans rather than grants for this purpose. 

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On the other side, developing countries in the so-called Global South would prefer an independent body to host the fund, but the main discussion will be about how much money to invest and which countries will contribute.

“The European Union has clearly signalled (…) its willingness to support this with contributions that are substantial, which is likely going to be on the level of billions of euros,” Cecilia Trasi, an analyst from Brussels-based think tank Bruegel, told Euronews.

“On the other hand, the US envoy John Kerry has also announced contributions of millions of dollars, which is on a very different scale of magnitude and still open is the question of will countries that were considered developing in 1992, like Saudi Arabia and China, will they contribute or not?.”

The European Parliament will send a 12-member delegation to the conference. Socialist & Democrat MEPs, included in the group, have defended high money contributions, saying that it helps to show global solidarity.

The political group will propose, in the coming months, that a similar fund be created just for the EU.

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“We need to help people adapt to the new situation. We need to help farmers so that they can continue to grow crops that are much more resistant and resilient when it comes to climate change,” Mohammed Chaim, a Dutch socialist MEP said in an interview.

“Because at the end of the day, if we help vulnerable communities, we create support for the European Green Deal and that is something that we all benefit from.”

For Trasi, the EU can use this instrument to resolve imbalances member states face when it comes to dealing with climate change.

“It would be very interesting to see how this would affect all discussions about fiscal reform, quite simply because perhaps one way of resolving this issue would be to allow more room for manoeuvring to countries that are in difficulty, but that are also suffering the worst consequences of climate change,” the analyst told Euronews.

Previous financial promises yet to be fulfilled

Rich countries are still missing out on the first fund created in 2019. The UN’s Green Climate Fund was supposed to have collected $100 billion (€91.5 billion) a year to help developing countries invest in the transition to clean energy systems.

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“The harsh reality is that $100 billion is probably just a drop in the ocean of developing countries’ actual transition needs, which are estimated to be in the billions. Thus, the entire transition is estimated at $4.4 billion (€4 billion) and so we clearly see that we need to increase ambitions in terms of climate financing,” explained Trasi.

The right-leaning European People’s Party (EPP) said that it should be realised as soon as possible.

“At the end of the day, we have to acknowledge the fact that the EU is indeed doing its best for climate transition, but if we do not do it along with the US, China and India, we cannot mitigate climate change,” Portuguese EPP MEP, Lidia Pereira told Euronews.

The EU can also play a role by expanding its domestic capacity to produce renewable energy systems that can be exported to the rest of the world, but investment within the bloc is lacking, she added.

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“We need to raise more capital, public and private because we have a prominent position in the development of clean technologies. We have many start-ups flourishing across Europe, but they lack the capital to expand their operations,” Pereira said.

Chaim also advocates for more cooperation to transfer clean technology and partnerships involving the private sector, to create a cycle of mutual benefit

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“All of Africa has fewer solar panels than a country like the Netherlands. Imagine the results of giving them access to affordable and sustainable solar panels?” he told Euronews.

“One day we could even import this cheap and sustainable energy to Europe. Everyone would benefit from this because the EU is a net importer of energy.”

Jorge Moreira da Silva, executive director at the UN Office for Project Services said in an interview that climate action “would require $4-6 billion (€3.6-€5.5 billion) every year and that the majority of this amount should go to developing countries.”

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“Infrastructure is responsible for almost 80% of greenhouse gas emissions,” he added.

“We need to support developing countries with additional financing so they can access energy that is affordable, that is sustainable, that is clean and that is inclusive and then we also need to deal with loss and damage, and adaptation.”

At the same time, with climate change worsening and the intensity and frequency of natural disasters, more and more infrastructure needs to be rebuilt or replaced with more environmentally friendly versions.

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Thousand of politicians and scientific advisors at COP28 are expected to issue recommendations on a new framework for international climate finance, as well as a definitive roadmap on how to implement them.

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Ukraine to analyze fragments of missile fired by Russia capable of carrying nuclear warheads

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Ukraine to analyze fragments of missile fired by Russia capable of carrying nuclear warheads

Investigators in Ukraine are analyzing the debris of a new intermediate-range ballistic missile (IRBM) fired by Russia at the city of Dnipro on Thursday, marking the first time the weapon had been used on the battlefield.

On Sunday, Ukraine’s Security Service showed the remaining fragments of the IRBM called Oreshnik – Russian for Hazel Tree – that struck a factory to The Associated Press.

Russian President Vladimir Putin confirmed the attack on Thursday evening in an address to the nation and said it was in direct response to the U.S. and the U.K. jointly approving Ukraine’s use of Western-supplied long-range missiles to target Russia.

The Pentagon has said the missile is based on Russia’s RS-26 Rubezh intercontinental ballistic missile (ICBM), though the wreckage has not yet been analyzed, according to security officials on site in an undisclosed location in Ukraine.

‘NEW’ RUSSIAN MISSILE USED AGAINST UKRAINE NOT HYPERSONIC, DEFENSE OFFICIALS SAY

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Fragments of a rocket which struck Dnipro on November 21 are seen at a center for forensic analysis in undisclosed location, Ukraine, Sunday Nov. 24, 2024. (AP Photo/Evgeniy Maloletka)

The AP and other media were permitted to view the fragments before being taken over by investigators.

The wire service showed images of what it described as mangled and charred wires, along with an ashy airframe about the size of a large snow tire. The remains were all that were left of the IRBM, which can carry nuclear or conventional warheads.

“It should be noted that this is the first time that the remains of such a missile have been discovered on the territory of Ukraine,” a specialist with Ukraine’s Security Service said. The specialist only identified himself by his first name Oleh because he was not authorized to discuss the issue with the media.

1,000 DAYS OF WAR IN UKRAINE AS ZELENSKYY DOUBLES DOWN ON AERIAL OPTIONS WITH ATACMS, DRONES AND MISSILES

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Fragments of a rocket which struck Dnipro on November 21 are seen at a center for forensic analysis in undisclosed location, Ukraine, Sunday Nov. 24, 2024.  (AP Photo/Evgeniy Maloletka)

Ukraine’s Main Intelligence Directorate said the missile was launched from the 4th Missile Test Range, Kapustin Yar, in Russia’s Astrakhan region. Once launched, Ukrainian officials said, it flew for 15 minutes before striking Dnipro. The missile was carrying six warheads, each carrying six subunitions, and its speed was Mach 11.

Last week, Deputy Pentagon press secretary Sabrina Singh confirmed to reporters during a press briefing that Russia had launched the IRBM, noting that it was a “new type of lethal capability that was employed on the battlefield.”

She also said the U.S. was notified briefly before the launch through nuclear or risk reduction channels.

US EMBASSY IN KYIV CLOSED AS ‘POTENTIAL SIGNIFICANT AIR ATTACK’ LOOMS

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Fragments of a rocket which struck Dnipro on November 21 are seen at a center for forensic analysis in undisclosed location, Ukraine, Sunday Nov. 24, 2024. (AP Photo/Evgeniy Maloletka)

Putin also said last week that the missile attacked targets at a speed of Mach 10.

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Despite Ukraine’s and Putin’s claim that the rocket reached speeds greater than Mach 10, two U.S. defense officials told Fox News on Thursday the missile was not hypersonic, which, according to NASA, is a speed greater than 3,000 mph and faster than Mach 5.

Along with launching the IRBM for the first time on the battlefield, Putin signed a law to grant debt forgiveness to those who enlist in Russia’s army to fight in Ukraine.

US BRIEFED UKRAINE AHEAD OF PUTIN’S ‘EXPERIMENTAL INTERMEDIATE-RANGE BALLISTIC’ ATTACK

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Fragments of a rocket which struck Dnipro on November 21 are seen at a center for forensic analysis in undisclosed location, Ukraine, Sunday Nov. 24, 2024. (AP Photo/Evgeniy Maloletka)

The AP reported that the measure highlights the country’s need for military personnel as it continues its war against Ukraine.

Russian state news agency Interfax said the new legislation allows new recruits enlisting for a one-year contract, to write off debts up to 10 million rubles, or about $96,000.

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The law reportedly applies to debts in which a court order for collection was issued, and enforcement proceedings had commenced before Dec. 1, 2024. The legislation also applies to spouses of new recruits.

The Associated Press contributed to this report.

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Voters in Switzerland say no to bigger motorways

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Voters in Switzerland say no to bigger motorways

The federal government argues that the volume of traffic on the motorway network has increased more than five times over the past sixty years.

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Swiss voters took to the polls on Sunday to vote no to bigger motorways, no to easier evictions and tighter subletting rules and yes to a new healthcare financing model.

The Swiss government’s proposal to allocate €5.3 million for expanding motorways and constructing new roads at six key locations, including near Bern and between Geneva and Lausanne, was rejected by 52.7% of voters.

The plan, approved by parliament last year, faced opposition from those concerned about its environmental impact and effectiveness.

The federal government, argues that the volume of traffic on the motorway network has increased more than five times over the past 60 years.

The result was celebrated by the Green Party which called the proposal “an out-of-date transport policy”.

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Together with left-wing and environmental groups, the Greens campaigned against the project, highlighting its environmental impact and the concern that wider roads would only lead to more traffic. They now advocate for the funds to be used for public transport, active mobility, and the renovation of existing motorways.

Mattea Meyer from the no camp expressed her satisfaction with the referendum result.

“I am incredibly pleased that a majority of the population does not want a highway expansion, and instead wants more climate protection, a transport transition that is climate-compatible, which the highway expansion is not,” she said.

According to local media to counter this decision the yes campaign, plans on moving forward with expansion projects separately through agglomeration programs, reducing the chance for cantonal referendums.

No to easier evictions

On Sunday, Swiss voters decided on multiple housing issues, such as subletting and lease termination.

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53.8% of them rejected the proposal which would make it easier for landlords to terminate leases early in order to use properties for their own purposes.

Additionally, 51.6% voted against a plan for stricter regulations on subletting residential and commercial properties. According to local media, these issues attracted significant attention because tenancy laws affect the majority of Swiss citizens, with about 60% of the population renting their homes, the highest rate in Europe.

The proposal to ease eviction rules faced strong opposition, especially in French-speaking cantons, with Geneva seeing 67.8% of its voters against the plan due to the city’s ongoing housing shortage.

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Earth bids farewell to its temporary 'mini moon' that is possibly a chunk of our actual moon

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Earth bids farewell to its temporary 'mini moon' that is possibly a chunk of our actual moon

CAPE CANAVERAL, Fla. (AP) — Planet Earth is parting company with an asteroid that’s been tagging along as a “mini moon” for the past two months.

The harmless space rock will peel away on Monday, overcome by the stronger tug of the sun’s gravity. But it will zip closer for a quick visit in January.

NASA will use a radar antenna to observe the 33-foot (10-meter) asteroid then. That should deepen scientists’ understanding of the object known as 2024 PT5, quite possibly a boulder that was blasted off the moon by an impacting, crater-forming asteroid.

While not technically a moon — NASA stresses it was never captured by Earth’s gravity and fully in orbit — it’s “an interesting object” worthy of study.

The astrophysicist brothers who identified the asteroid’s “mini moon behavior,” Raul and Carlos de la Fuente Marcos of Complutense University of Madrid, have collaborated with telescopes in the Canary Islands for hundreds of observations so far.

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Currently more than 2 million miles (3.5 million kilometers) away, the object is too small and faint to see without a powerful telescope. It will pass as close as 1.1 million miles (1.8 million kilometers) of Earth in January, maintaining a safe distance before it zooms farther into the solar system while orbiting the sun, not to return until 2055. That’s almost five times farther than the moon.

First spotted in August, the asteroid began its semi jog around Earth in late September, after coming under the grips of Earth’s gravity and following a horseshoe-shaped path. By the time it returns next year, it will be moving too fast — more than double its speed from September — to hang around, said Raul de la Fuente Marcos.

NASA will track the asteroid for more than a week in January using the Goldstone solar system radar antenna in California’s Mojave Desert, part of the Deep Space Network.

Current data suggest that during its 2055 visit, the sun-circling asteroid will once again make a temporary and partial lap around Earth.

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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

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